3.0.0 2899 2023-01-11T13:25:24Z 2023-01-11T13:25:24Z Senate S S 2014-09-18 113 ssfi00 Finance Committee Senate Standing Referred to 2014-09-18T23:10:51Z Balancing Act 113 505 HR 2013-04-23 Referred to the Subcommittee on Higher Education and Workforce Training. Related bill CRS Sensible Estate Tax Act of 2014 113 4061 HR 2014-02-14 Referred to the House Committee on Ways and Means. Related bill CRS 2014-09-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2014-09-18 Introduced in Senate IntroReferral 10000 9 Library of Congress S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT N Taxation Farmland Inflation and prices Land use and conservation Tax administration and collection, taxpayers Transfer and inheritance taxes Taxation 00 2014-09-18 Introduced in Senate 2014-11-10T22:22:25Z Responsible Estate Tax Act - Amends the Internal Revenue Code, with respect to estate, gift, and generation-skipping transfer taxes, to: (1) revise estate tax rates to impose an increased tax for estates over $3.5 million and a maximum tax rate of 55% for estates over $50 million; (2) impose a 10% surtax on estates over $500 million; (3) reduce the basic estate tax exclusion amount from $5 million to $3.5 million; (4) increase to $3 million the reduction in valuations of farmland for estate tax purposes and adjust such increased amount for inflation after 2014; and (5) increase to $2 million the maximum estate tax exclusion for contributions of conservation easements.

Requires that the value of the basis in any property acquired from a decedent or by gift be consistent with the basis as determined for estate and gift tax purposes. Requires executors of estates and donors of gifts required to file a gift tax return to disclose to the Secretary of the Treasury, and to recipients of any interest in an estate or a gift, information identifying the value of each interest received.

Sets forth estate valuation rules for certain transfers of nonbusiness assets and limits estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.

Expands rules for valuing assets in grantor retained annuity trusts to require that: (1) the right to receive fixed amounts from an annuity last for a term of not less than 10 years and that such fixed amounts not decrease during the first 10 years of the annuity term, and (2) the remainder interest have a value greater than 10% when transferred.

Sets forth rules for the application of transfer taxes to a grantor trust (a trust in which the grantor retains control over the trust assets and has the right to receive income from the trust).

]]> Responsible Estate Tax Act Display Title Responsible Estate Tax Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to reinstate estate and generation-skipping taxes, and for other purposes. Introduced in Senate IS Short Titles as Introduced Responsible Estate Tax Act Introduced in Senate 2014-09-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s2899is/xml/BILLS-113s2899is.xml 2014-09-18 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.